Lumentum (NASDAQ:LITE) Given New $41.00 Price Target at B. Riley

Lumentum (NASDAQ:LITEFree Report) had its target price trimmed by B. Riley from $42.00 to $41.00 in a research note released on Friday, Benzinga reports. The firm currently has a neutral rating on the technology company’s stock.

Other equities analysts have also recently issued reports about the company. Craig Hallum upgraded Lumentum from a hold rating to a buy rating in a research note on Friday, December 22nd. StockNews.com cut Lumentum from a hold rating to a sell rating in a research note on Saturday, October 21st. TheStreet cut Lumentum from a c- rating to a d rating in a research note on Wednesday, November 8th. Needham & Company LLC reaffirmed a buy rating and issued a $50.00 target price on shares of Lumentum in a research report on Friday. Finally, Susquehanna dropped their target price on Lumentum from $65.00 to $60.00 and set a positive rating on the stock in a research report on Friday. Three equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of Hold and an average price target of $51.86.

Get Our Latest Analysis on LITE

Lumentum Price Performance

Lumentum stock opened at $50.21 on Friday. The company has a current ratio of 3.13, a quick ratio of 3.81 and a debt-to-equity ratio of 1.96. The stock has a 50 day moving average of $51.36 and a 200-day moving average of $47.84. Lumentum has a 52 week low of $35.35 and a 52 week high of $65.16.

Lumentum (NASDAQ:LITEGet Free Report) last released its earnings results on Wednesday, November 8th. The technology company reported ($0.10) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.04. The company had revenue of $317.60 million during the quarter, compared to analysts’ expectations of $313.98 million. Lumentum had a positive return on equity of 1.04% and a negative net margin of 18.52%. Equities analysts expect that Lumentum will post -0.1 earnings per share for the current year.

Insider Activity at Lumentum

In related news, Director Julia Suzanne Johnson sold 1,163 shares of the firm’s stock in a transaction dated Monday, November 20th. The stock was sold at an average price of $44.17, for a total transaction of $51,369.71. Following the completion of the transaction, the director now owns 22,032 shares of the company’s stock, valued at $973,153.44. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.60% of the company’s stock.

Institutional Investors Weigh In On Lumentum

A number of large investors have recently made changes to their positions in the company. Alliancebernstein L.P. raised its holdings in shares of Lumentum by 4.0% during the second quarter. Alliancebernstein L.P. now owns 3,833,164 shares of the technology company’s stock valued at $217,455,000 after acquiring an additional 146,014 shares during the period. Earnest Partners LLC raised its holdings in shares of Lumentum by 26.2% during the third quarter. Earnest Partners LLC now owns 1,624,514 shares of the technology company’s stock valued at $73,396,000 after acquiring an additional 337,096 shares during the period. Dimensional Fund Advisors LP raised its holdings in shares of Lumentum by 3.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,491,502 shares of the technology company’s stock valued at $78,187,000 after acquiring an additional 44,291 shares during the period. Capital Research Global Investors raised its holdings in shares of Lumentum by 94.2% during the second quarter. Capital Research Global Investors now owns 1,452,774 shares of the technology company’s stock valued at $82,416,000 after acquiring an additional 704,662 shares during the period. Finally, Millennium Management LLC raised its holdings in shares of Lumentum by 50.8% during the fourth quarter. Millennium Management LLC now owns 1,202,143 shares of the technology company’s stock valued at $62,716,000 after acquiring an additional 405,140 shares during the period. Institutional investors and hedge funds own 94.05% of the company’s stock.

About Lumentum

(Get Free Report)

Lumentum Holdings Inc manufactures and sells optical and photonic products in the Americas, the Asia-Pacific, Europe, the Middle East, and Africa. The company operates through two segments: Optical Communications (OpComms) and Commercial Lasers (Lasers). The OpComms segment offers components, modules, and subsystems that enable the transmission and transport of video, audio, and data over high-capacity fiber optic cables.

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Analyst Recommendations for Lumentum (NASDAQ:LITE)

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